News Releases

Pembina Pipeline Corporation 2011 Third Quarter Results

Strong quarterly performance; future growth fueled by Gas Services

All financial figures are in Canadian dollars unless noted otherwise.
This report contains forward-looking statements and information that
are based on Pembina Pipeline Corporation's current expectations,
estimates, projections and assumptions in light of its experience and
its perception of historical trends. Actual results may differ
materially from those expressed or implied by these forward-looking
statements. Please see page 7 for more information. This report also
refers to financial measures that are not defined by International
Financial Reporting Standards ("IFRS"). For more information about the
measures which are not part of Generally Accepted Accounting Principles
("Non-GAAP Measures") please see page 6.

CALGARY, Nov. 9, 2011 /CNW/ - Pembina Pipeline Corporation ("Pembina" or
the "Company") achieved strong results during the third quarter of 2011
due to continued solid performance in each of its four business units.
The Company's earnings were $30.1 million ($0.18 per share) during the
third quarter of 2011 compared to $30.8 million ($0.19 per share)
during the third quarter of 2010. Earnings totaled $120.7 million
($0.72 per share) for the first nine months of 2011 compared to $120.6
million ($0.74 per share) during the first nine months of 2010.

Adjusted earnings were $47.4 million ($0.28 per share) during the third
quarter of 2011 compared to $34.4 million ($0.21 per share) during the
third quarter of 2010 (adjusted earnings is a non-GAAP measure, see
"Non-GAAP Measures" on page 6). Adjusted earnings were $165.1 million
($0.99 per share) for the first nine months of 2011 compared to $128.7
million ($0.79 per share) during the first nine months of 2010.

Cash flow from operating activities was $88 million ($0.53 per share)
during the third quarter of 2011 compared to $66.6 million ($0.41 per
share) during the third quarter of 2010. Pembina generated cash flow
from operating activities of $212.8 million ($1.27 per share) during
the first nine months of 2011 compared to $202.6 million ($1.24 per
share) during the first nine months of 2010.

Adjusted cash flow from operating activities was $84.8 million ($0.51
per share) during the third quarter of 2011, an increase of 57 percent,
compared to $54 million ($0.33 per share) during the third quarter of
2010 (adjusted cash flow from operating activities is a non-GAAP
measure, see "Non-GAAP Measures" on page 6). Adjusted cash flow from
operating activities was $239.6 million ($1.43 per share) during the
first nine months of 2011, an increase of 28 percent, compared to
$187.7 million ($1.15 per share) during the first nine months of 2010.

Pembina generated earnings before interest, taxes, depreciation and
amortization ("EBITDA") of $86.8 million during the third quarter of
2011 compared to $68.1 million during the third quarter 2010 (EBITDA is
a non-GAAP measure, see "Non-GAAP Measures" on page 6). Pembina
generated strong EBITDA of $277.3 million during the first nine months
of 2011, an increase of 20 percent, compared to $231.7 million during
the first nine months of 2010.

The increases in adjusted earnings, cash flow from operating activities,
adjusted cash flow from operating activities and EBITDA were primarily
due to improved results from Pembina's Conventional Pipelines and
Midstream & Marketing businesses during the third quarter and first
nine months of 2011 compared to the third quarter and first nine months
of 2010.

"We expect that Pembina's current suite of growth projects, coupled with
strong performance in our existing operations, will continue to drive
shareholder value in the coming years," said Bob Michaleski, Pembina's
President and Chief Executive Officer. "This year, we've completed a
$57 million midstream terminal acquisition, brought our $400 million
heavy oil and diluent Nipisi and Mitsue Pipeline projects on-stream,
extended the capture area of our conventional pipelines and are nearing
completion of our Musreau Deep Cut Facility. With a large number of
projects now on the books, including new and expanded gas processing
projects, the future expansion of our truck terminal network, and the
capacity increases we expect to complete on our pipeline assets, we
believe Pembina is well-poised to take advantage of the substantial
development we are seeing by producers in our operating areas."

Revenue, net of product purchases, during the third quarter of 2011
increased to $156.3 million, compared to $118.2 million during the same
period in 2010. Year-to-date revenue, net of product purchases, in 2011
was $444.9 million, compared to $368.5 million during the first nine
months of 2010. The increase in revenue was driven by strong
performance in each of Pembina's four business units, particularly
Conventional Pipelines which realized a $14.3 million year-over-year
quarterly gain in revenue primarily as a result of higher throughput,
as well as results from Midstream & Marketing which realized a $12.8
million year-over-year quarterly increase in revenue, net of product
purchases due to higher volumes and positive market conditions.
Operating expenses were $55.9 million during the third quarter and
$136.8 million during the first nine months of 2011, compared to $40
million and $113.5 million during the same periods in 2010, with the
increase primarily due to enhanced and expanded integrity and
maintenance work in Conventional Pipelines, and higher labour, power
and operating costs associated with Pembina's growth over the past
year. Operating margin totaled $100.4 million during the third quarter
of 2011, compared to $78.2 million during the third quarter of 2010.
Year-to-date operating margin in 2011 was $308.1 million, compared to
$255 million during the first nine months of 2010 (operating margin is
a non-GAAP measure, see "Non-GAAP Measures" on page 6).

Dividends were $65.4 million during the third quarter of 2011,
representing $0.39 per share ($0.13 per share monthly), compared to $64
million in the third quarter of 2010 (no change in per share dividend
payments).

GROWTH STRATEGY UPDATE

Gas Services Business Undertakes Numerous Expansions

Pembina continues to see significant growth opportunities resulting from
the trend towards liquids-rich resource play gas drilling and the
extraction of valuable natural gas liquids ("NGL") from gas in the
Western Canadian Sedimentary Basin ("WCSB"). Over the past year,
Pembina's Gas Services team has focused on expanding this line of
business, capitalizing on its experience and expertise, and building
out its capacity to extract these liquids from the gas stream and
transport them to market using Pembina's existing conventional pipeline
network. This has resulted in four expansion projects and demonstrates
the strength of the Company's integrated approach. Two of these
projects are expansions of Pembina's existing assets at its Musreau gas
plant, one of the three plants that make up the Company's Cutbank
Complex. The other two projects, as outlined below, diversify Pembina's
Gas Services operations and provide access into new regions that are
seeing similar increases in development and gas processing requirements
by producers.

These expansions are expected to bring Pembina's net enhanced NGL
extraction capacity to approximately 600 million cubic feet per day
("mmcf/d"), which would be processed largely on a contracted,
fee-for-service basis and result in approximately 40,000 barrels per
day ("bpd") of incremental NGL to be transported for additional toll
revenue on Pembina's conventional pipelines by the end of 2013. Pembina
expects these expansions could contribute $75 million to $90 million of
EBITDA annually.

Expansion at the Cutbank Complex's Musreau Gas Plant

At Pembina's Musreau gas plant, the Company is completing work on an
enhanced NGL extraction facility (the "Musreau Deep Cut Facility") as
well as expanding its existing shallow cut gas processing capability.

Construction of Pembina's Musreau Deep Cut Facility, a new 205 mmcf/d
ethane extraction facility and the related 10 kilometre pipeline, is
complete and commissioning is well underway with start-up expected in
December 2011. This new $75 million plant will deliver an ethane mix
stream to Pembina's Peace Pipeline. Pembina has contracted
approximately 80 percent of the planned capacity at the Musreau Deep
Cut Facility and expects to contract the remaining capacity under terms
designed to provide Pembina with cash flow certainty. Once on-stream
and at full capacity, the Musreau Deep Cut Facility is expected to
provide Pembina with approximately $12 to $15 million of additional
EBITDA annually, as well as up to 13,000 bpd of liquids which Pembina
will transport on its conventional pipelines and for which it will
receive additional toll revenue.

Pembina also plans to expand Musreau's shallow cut gas processing
capability by 50 mmcf/d due to high plant utilization and strong
customer demand. Once the expansion is complete, the Cutbank Complex is
expected to have an aggregate raw gas processing capacity of 410 mmcf/d
(355 mmcf/d net to Pembina), an increase of 16 percent net to Pembina.
The Company estimates the expansion will cost approximately $26 million
and, subject to regulatory and environmental approval, is expected to
be in-service by mid-2012. Pembina has entered into contracts with a
minimum term of five years with area producers for the entire capacity
of the expansion on a fee-for-service basis.

Expansion into new region: Resthaven

Pembina announced on October 13, 2011 that it plans to further expand
its gas handling assets in the Deep Basin in west central Alberta, an
area which is becoming known for its prolific liquids-rich gas supply.
Pembina has entered into agreements to develop a combined shallow cut
and deep cut NGL extraction facility (the "Resthaven Facility") by
modifying and expanding an existing gas plant. Once operational, the
initial phase of the Resthaven Facility will have a gross capacity of
200 mmcf/d and 13,000 bpd of liquids extraction capability, with
ultimate processing capacity of 300 mmcf/d and 18,000 bpd of liquids
extraction capability. Pembina plans to construct a 44 kilometre, 6
inch diameter NGL pipeline to transport the extracted NGL from the
Resthaven Facility to Pembina's Peace Pipeline, which delivers product
into Edmonton, Alberta. Once completed, Pembina will own approximately
65 percent of the Resthaven Facility and will own 100 percent of the
NGL pipeline.

Pembina estimates that the Resthaven Facility, associated NGL pipeline,
and storage facilities will cost approximately $230 million (net to
Pembina) and will contribute annual EBITDA of $30 to $40 million
(including pipeline tolls). Subject to regulatory approval, Pembina
expects these new facilities to be in-service in late 2013. Pembina's
investment in the Resthaven Facility is supported by long-term firm
service agreements with two of the major area producers while the NGL
pipeline is underpinned by long-term service agreements with the
Resthaven Facility owners.

Expansion into new region: Berland

Pembina announced on October 28, 2011 that it plans to construct, own
and operate a 200 mmcf/d enhanced NGL extraction facility (the "Saturn
Facility") and associated NGL and gas gathering pipelines in the
Berland area of west central Alberta.

The Saturn Facility will be connected to Talisman Energy Inc.'s
("Talisman") Wild River and Bigstone gas plants through existing and
newly constructed gas gathering lines. Once operational, Pembina
expects the Saturn Facility will be able to extract up to 13,500 bpd of
liquids. Pembina plans to construct an 83 kilometre, 8 inch NGL
pipeline to transport the extracted NGL from the Saturn Facility to
Pembina's Peace Pipeline.

Pembina expects the Saturn Facility, associated NGL and gas gathering
pipelines and storage to cost approximately $200 million and contribute
annual EBITDA of approximately $30 million (including pipeline tolls).
Subject to regulatory and environmental approval, Pembina expects the
Saturn Facility and associated pipelines to be in-service in the fourth
quarter of 2013 and has entered into a long-term, firm service
agreement with Talisman.

"The Saturn Facility is an exciting gas services and infrastructure
project located in an area of strong liquids rich natural gas supply
growth," said Bob Michaleski, Pembina's President and Chief Executive
Officer. "This project is consistent with our strategy to optimize our
existing asset base and, as is the goal with all of our projects, we
will generate additional value through integration with our
conventional pipelines and midstream and marketing services."

Conventional Pipelines Development

Drayton Valley Area

To continue meeting the needs of shippers and accommodate increasing
production in the Cardium formation located in west central Alberta,
Pembina plans to spend approximately $40 million prior to mid-2012 on
projects that will provide additional transportation service options to
customers.

This includes an investment of approximately $23 million to increase the
capacity of an existing 8 inch 42 kilometre section of pipeline that
transports crude oil between Willesden Green and Buck Creek, Alberta.
As of the end of the third quarter of 2011, Pembina has spent $18
million to progress construction on this expansion, which is expected
to increase the capacity of the line from 12,000 bpd to approximately
37,000 bpd. Pembina expects the project to be completed in the fourth
quarter of 2011.

During the third quarter of 2011, Pembina completed a $5 million
extension to segments of its 10 inch Drayton Valley mainline. Some
additional capital is expected to be spent on tie-ins, new extensions
and mainline pump station reactivations.

Additional capital is also being invested to complete the Baptiste Truck
Terminal, which is scheduled to be operational during the first quarter
of 2012. To date, Pembina has spent $3.1 million with a projected cost
of approximately $6 million.

The Company also expects to deploy capital to debottleneck certain
existing pipeline systems and on various new receipt points in the
Drayton Valley area.

Edson Area

Pembina announced in the first quarter of 2011 that it would extend the
reach of its conventional pipeline network to provide liquids
transportation solutions to producers in the greater Edson, Alberta
area.

The reactivation and re-certification of an existing 6 inch line from
Windfall Junction on Pembina's Peace Pipeline system to Edson has been
completed at an estimated capital cost of $15 million and began
deliveries on October 15, 2011. This pipeline will provide
transportation options for producers exploring for liquids rich gas
opportunities in Deep Basin Cretaceous plays, including Cardium oil
opportunities south of Edson. The re-commissioned pipeline is
underpinned by a long-term transportation agreement with an area
producer for approximately 5,000 bpd and has an initial capacity of
approximately 12,500 bpd with an ultimate capacity of approximately
17,500 bpd. Due to high levels of industry activity in the greater
Edson area, Pembina expects additional capacity and tie-in
opportunities on the new line segment.

Liquids Rich Natural Gas

Pembina's Peace Pipeline and Northern Pipeline systems are located in
prolific areas of the WCSB where producers are aggressively pursuing
liquids rich natural gas. The impact of this increased drilling
activity to Pembina is evidenced by the substantial increase in the
amount of NGL, extracted from the natural gas, being transported on the
Company's pipelines. Pembina is currently undertaking a detailed review
and assessment of its pipeline systems' capacity to proactively prepare
for additional volume increases.

The conference call dial-in numbers for Canada and the U.S. are
647-427-7450 or 888-231-8191. A recording of the conference call will
be available for replay until November 17, 2011 at 11:59 p.m. ET. To
access the replay, please dial either 416-849-0833 or 855-859-2056 and
enter the password 16947300.

Pembina is proud to announce that to accommodate our growing company we
are moving to Eighth Avenue Place in Calgary. Please update your
records accordingly with the information provided below and note that
our phone numbers remain the same.

Our current office will close at noon MST on Thursday, November 10th for
the move and we will re-open in our new space at 8:00 am MST on
Tuesday, November 15th. We will not have access to any of our systems
(email, voicemail, servers, etc.) beginning Wednesday, November 9th at
6:00 pm MST and expect to regain access to systems on November 15th once in our new location.

Pembina's management's discussion and analysis, consolidated financial
statements and notes for the period ended September 30, 2011 provide a
detailed explanation of Pembina's operating results for the three and
nine month period ended September 30, 2011 as compared to the three and
nine month period ended September 30, 2010. These documents are
available at www.pembina.com and at www.sedar.com.

Non-GAAP Measures

Throughout this news release, Pembina has used the following terms that
are not defined by GAAP but are used by management to evaluate
performance of Pembina and its business. Since certain non-GAAP
financial measures may not have a standardized meaning, securities
regulations require that non-GAAP financial measures are clearly
defined, qualified and reconciled to their nearest GAAP measure. For
additional information, see the section entitled "Non-GAAP Measures" in
Pembina's management's discussion and analysis for the period ended
September 30, 2011, which can be found at www.pembina.com and under
Pembina's SEDAR profile at www.sedar.com.

Earnings before interest, taxes, depreciation and amortization ("EBITDA")
EBITDA is commonly used by management, investors and creditors in the
calculation of ratios for assessing leverage and financial performance
and is calculated as results from operating activities plus share of
profit from equity accounted investees (before tax) plus depreciation
and amortization (included in operations and general and administrative
expense).

Adjusted earnings
Adjusted earnings is commonly used by management for assessing comparing
financial performance each reporting period and is calculated as
earnings before tax excluding hedging activities plus share of profit
from equity accounted investees (before tax).

Adjusted cash flow from operating activities
Adjusted cash flow from operating activities is commonly used by
management for assessing financial performance each reporting period
and is calculated as cash flow from operating activities plus net
interest paid, employee future benefit contributions and change in
non-cash working capital less employee future benefit expense, share
based payments and net finance costs.

Operating margin
Operating margin is commonly used by management for assessing financial
performance and is calculated as gross profit less operating expense
and product purchases.

Management believes these supplemental non-GAAP measures facilitate the
understanding of Pembina's results from operations, leverage, liquidity
and financial positions. Investors should be cautioned that EBITDA,
adjusted earnings, adjusted cash flow from operating activities and and
operating margin should not be construed as alternatives to net
earnings, cash flow from operating activities or other measures of
financial results determined in accordance with GAAP as an indicator of
Pembina's performance. Furthermore, these non-GAAP measures may not be
comparable to similar measures presented by other issuers.

Forward-Looking Statements & Information

Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation (collectively, "forward-looking statements").

All forward-looking statements are based on Pembina's current
expectations, estimates, projections, beliefs and assumptions based on
information available at the time the statement was made and in light
of its experience and its perception of historical trends. The use of
any of the words "estimate", "expect", "may", "will", "believe",
"plan", "design", "expand", "schedule" and similar expressions are
intended to identify forward-looking statements.

By their nature, such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Pembina believes the expectations reflected
in those forward-looking statements are reasonable but no assurance can
be given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not be
unduly relied upon. These statements speak only as of the date of this
news release.

In particular, this news release contains forward-looking statements,
including certain financial outlook, pertaining to the following:

the estimated future operating margin or EBITDA, as applicable,
contributions from the proposed expansions at the Cutbank Complex's
Musreau gas plant and the development of the proposed Resthaven
Facility and the proposed Saturn Facility, once such projects are
completed;

capital expenditure estimates, plans, schedules, rights and activities
and the planning, development, construction, operations and costs of
pipelines, including in relation to the Musreau Deep Cut Facility, the
proposed Resthaven Facility, the proposed Saturn Facility, the proposed
expansion plans to strengthen Pembina's transportation service options
that it provides to producers developing the Cardium oil formation
located in Central Alberta and other facilities and energy
infrastructure;

pipeline, processing and storage facility and system operations and
throughput levels;

oil and gas industry exploration and development activity levels;

Pembina's strategy and the development of new business initiatives;

Pembina's future dividend levels; and

expectations regarding Pembina's ability to raise capital and to carry
out acquisition, expansion and growth plans.

These forward-looking statements are being made by Pembina based on
certain assumptions that Pembina has made in respect thereof as at the
date of this document including those discussed under the section
entitled "Forward-Looking Statements and Information" in Pembina's
management's discussion and analysis for the period ended September 30,
2011 which can be found under Pembina's SEDAR profile at www.sedar.com.

None of the forward-looking statements described above are guarantees of
future performance and they are all subject to a number of known and
unknown risks and uncertainties, including but not limited to:

the regulatory environment and decisions;

the impact of competitive entities and pricing;

labour and material shortages;

reliance on key alliances and agreements;

the strength and operations of the oil and natural gas production
industry and related commodity prices;

non-performance or default by counterparties to agreements which Pembina
or one or more of its affiliates has entered into in respect of its
business;

actions by governmental or regulatory authorities including changes in
tax laws and treatment, changes in royalty rates or increased
environmental regulation;

fluctuations in operating results;

continued adverse general economic and market conditions and further
changes thereto in Canada, North America and elsewhere, including
changes in interest rates, foreign currency exchange rates and
commodity prices; and

other factors discussed under "Risk Factors" in Pembina's Management's
Discussion and Analysis for the year ended December 31, 2010 and in
Pembina's current Annual Information Form available under Pembina's
profile at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted or
projected. Such forward-looking statements are expressly qualified by
the above statement. Unless required by law, Pembina does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Management of Pembina approved the financial outlook contained herein as
of the date of this document. Readers should be aware that the
information contained in the financial outlook contained herein may not
be appropriate for other purposes.

For additional detail and information, please see Pembina's public
disclosure documents, including Pembina's annual information form for
the year ended December 31, 2010 and Pembina's MD&A for the year ended
December 31, 2010, each of which can be found under Pembina's SEDAR
profile at www.sedar.com.